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Macusani Uranium Project

A Green Energy Enabler

Through our Macusani uranium project, our goal is to advance one of the world’s largest and lowest cost undeveloped uranium projects to help meet the world’s need for green, clean and efficient energy.

Project Highlights

Strong Project Economics 1

NPV = US$603M

IRR(8%) = 40.6%

Payback = 1.8 yrs

Large, low cost

Control all U3O8 Resources in Peru2

M&I resources = 52.9 Mlbs U3O8

Inferred resources = 72.1 Mlbs U3O8

Growth Potential

Scalable, flexible mine plan

Porous volcanic rock -> strong recoveries, low re-agent consumption

Excellent Infrastructure

Easy transport

Low cost power

Labour

Water

Located in Peru

Geopolitically stable

Responsible mining practices

Strong Project Economics 1

NPV: US$603M | IRR: 40.6% | 1.8 years capital payback (post-tax)

Large scale: proposed production averaging over ~6 Mlbs U3O8 per year over a 10 year mine life

1 Using US$50/lb uranium price. The preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic value. Further details can be found in the independent technical report " Macusani Project, Macusani, Peru, NI 43-101 Report – Preliminary Economic Assessment ” prepared by Mr. Michael Shor and Mr. Thomas Apelt, of GBM Minerals Engineering Consultants Limited; Mr. David Young, of The Mineral Corporation; and Mr. Mark Mounde, of Wardell Armstrong International Limited dated January 12, 2016.